Shares of BreadTalk Group rose further yesterday, extending a week‐long climb to set a record high amid recent buying from a Thai restaurant group.

The current rally has its roots in Thailand's Minor International (Mint) paying about $8.5 million since Jan 9 to raise its stake to 8.9 per cent as at March 21.

Mint's annual general meeting takes place today, leading to speculation that the market could be hoping for supportive headlines out of that event.

"Retail players are laying bets that Mint could be upping more stake in BreadTalk," said a trader, who reckoned that any potential news has already been priced in.

Mint's restaurants are already in some of the same markets in which BreadTalk operates. Mint owns the ThaiExpress chain of Thai restaurants in Singapore and recently bought the Riverside casual dining chain in China.

BreadTalk chief financial officer Lawrence Yeo told The Business Times that he knew of Mint's investment only through Mint's regulatory filings on its substantial shareholdings and that both companies had not been in contact.

Mr Yeo told BT that BreadTalk has not engaged in any discussions to join up with anyone in Thailand, in which the company already has built up a significant presence on its own. "We deem Thailand to be another potential market we could grow outside of China," Mr Yeo said.

Source: AmFraser